My purpose for writing this blog is to help improve health and create wealth for those who read it. I will write about insurance, investment, healthcare, current affairs and about myself. Should you have enquiry, drop me an email at akhiat@pacific.net.sg.

Sunday, March 30, 2008

It is of no surprise to me that the premium of medical insurance kept going up over the years. We are aware that Medical Inflation hit something like 6.8% over the past 1 year.

I had 3 experiences recently that make me feel that people abuse their insurances especially for those holding the "As Charged" plan with a full complimentary rider to cover the deductible and co-insurance.

Experience 1 - Under an as-charged plan with full complement rider + Hospital Benefit* Client went for a surgery to remove a tumour near her fallopian tube at Raffles Hospital. She told me that she will be discharged after 3 days.* When I kept in touch with her to see how shes doing, she informed me that she had stayed an extra day when doctors told her that she is okay to be discharged.* I asked her why she want to stay that extra day, she told me "Their service is good and since my Insurance pay for it, I might as well stay an extra day and let them make sure that I'm fully ok.'

Experience 2 - Under a Personal Accident policy with $3,000 medical expenses benefit* Client had a knock on her head and she happens to get a flu and fever the next day.* She went to a GP to seek treatment for Flu and fever and informed doctor on the knock.* Doctor is unsure if there is co-relation between the knock and fever and told her to go checkup if fever still persist or if she feels dizzy.* 3 days after the knock, fever subsided and client have no further symptoms to show that the problem is serious but she still wants to go to a Private Hospital, instead of a Government structured hospital to check if she is okay.* I asked her why she wants to go Private Hospital, she told me "My Insurance Cover upto $3,000, right? Private hospital don't need to wait and queue."

Experience 3 - Under an as-charged plan with full complement rider + Hospital Benefit* Client was involved in a minor accident and hurt her leg. She was given outpatient and was discharged shortly. * After 1 week, she claims that her leg was still painful and went back to SGH. Doctors gave her painkillers and told her that there don't seems to be a problem.* She was not convinced and went to Gleneagle Hospital after referral from her GP for check-up. * She called me and I told her that such treatments was not claimable especially that she is not warded.* She called me few hours later and informed me that she was warded a day for observation pending various scanning results.* When I asked her if her condition is so serious that she need to be hospitalised. She told me "If I'm warded, my insurance and hospital benefit will cover? If not, no pay right?"* I nearly fainted... Just keep my fingers crossed as I await claim result.

BTW, btw... The 3 above experiences I mentioned above are all ladies. They indeed know how to calculate and make full claim out of their medical insurance.

2 comments:

Anonymous
said...

Singaporeans are great abuser of privileges and rights. They will do any thing to exercise their rights.They want to "kow poon".On the other hand they are also very badly abused by insurance agents.This , they have no idea. Sometimes they think they are smart but they don't know they have been made a sucker by insurance agents.So? i think it is a 'revenge' when they make claim.

I'm not trying to talk about adviser's ethnics or professionalism here. I'm talking about how some people will try to squeeze their money out from their Insurance by going though certain treatments that are unnecessary.

This will only cause the premium to escalate over time and will affect everyone especially those who are not so well off.

Thank you for visiting my blog

Khiat Han Hwee Adrian

I worked as a Shipping Executive before I switched to be a Financial Adviser 5 years ago. My job was very stable then but I wasn't happy with my 9-5 routine. I eventually pursued this career because I found meaning in helping people with their finance, especially towards insurance and investment planning.

It took my family and friends by surprise because I am known to an introvert who couldn't string words properly. My family are dead against it because they felt that I can't survive the industry and that I had wasted my education and a good career.I have an average IQ and certainly not the most knowledgable adviser. However, I assure my professionalism and integrity to give my clients the best value. Do drop me an email if you like to seek my opinion on your finance.